FTX, Like a Growing Number of Big Stories, Mutates into Legal Drama

Expose author of "Servants of the Damned" - David Enrich - was right about the power and reach of large law firms. But his view about the reasons could be assessed as, well, circumscribed.

Big Law might have such influence not primarily because of the wealth it has built up. More of a driver could be that we live in a world increasingly dominated by legalities. Those become the story. The lawyers themselves become celebrities. The law firms in which they are partners become the ones the best and brightest want to work for.

So, predictably what we now call “media” - establishment, tabloid, and social/professional networks - have focused on the lawyers/law firms caught up in the widening web of FTX. 

Meanwhile, the defendants and the plaintiffs often become bit players. That might also apply to the Leon Black ongoing saga of lawsuits, attempted countersuits, and filings of proposed sanctions against a law firm. The lawyers/law firms are grabbing the detailed attention. Black seems to be a mere platform for the staging. 

Today is Christmas Day and that is the matter of interest on professional anonymous network Reddit Big Law. The lawyers/law firms involved in FTX. Here is the thread. Already 14 responses have come in. Yes, on Christmas. Gotta zero in on those lawyers/law firms.

Of course, it's pointed out that it was Paul Weiss (more specifically it was Of Counsel at Martin Flumenbaum) who was representing the major player Sam Bankman-Fried. Initially.

Flumenbaum was and is a heavyweight. He had represented Mike Milken (who could have wound up in lots worse legal shape) and is currently representing Ripple Lab Chairman Christian Larsen. 

Soon enough, though, after that initial announcement there was another one when FTX filed for bankruptcy. Keep bringing on the drama. 

No, Paul Weiss was no longer looping in on that one. The reason given was a conflict of interest. But the specifics weren't provided back then. Currently. according to the post and the comments, that role has been taken over by Cohen and Gresser.

All the other moving parts - and there are plenty of those - are being handled by the usual brandnames. They range from Boies Schiller to Sullivan & Cromwell.

The theatrics - criminal and civil - will go on for years. It is unlikely that interest will fall off. It didn't for Theranos. But one wonders if SBF will continue to provide comic relief through his chattiness. That had been such fun. 

Note: The lawyer/law firm post for FTX is the only one for Christmas on Reddit Big Law. That in itself is interesting. What might have been expected was grumbling about working today. Some of us, across myriad sectors, do not have Christmas off. My clients have emergencies in these turbulent times. 

Intuitive career coaching, with the option to use the Tarot, about your present and your next. Step back from that committee in your head and open to possibility.  Sliding Scale Fees. Please make an appointment for a complimentary consultation at janegenova374@gmail.com.